In an interview in the United States ahead of his appearance next March at The Australian Financial Review Business Summit presented by BHP, Professor Rogoff said Bitcoin's anonymity meant most governments wouldn't tolerate its use in the long term.

Dr Rogoff said Bitcoin is "not going to be worth much" within a decade.

"I don't think it will be zero because countries like North Korea will adopt it.

"In the long run, governments will make it difficult to use in legal transactions and that will dramatically reduce its liquidity and value."

"If you look at the history of currency innovation the private sector always thinks of things first and the government always comes in and regulates."

Chicago's two major derivatives exchanges, the Chicago Mercantile Exchange and Cboe Global Markets, plan to offer contracts in bitcoin futures contracts before the end of this year, a significant elevation for crypto currencies into mainstream financial markets.